Explanation
Background: Ordinance No. 2153-2005 authorized the City to enter into a Memorandum of Understanding dated February 23, 2006 with multiple developers as subsequently amended in 2010 and 2019 with authorization from City Council by Ordinance No. 0972-2010 (altogether, the “NE MOU”). City Council also passed Ordinance No. 2117-2005 establishing tax increment financing (TIF) incentive districts over those developers’ properties, which included the Village at Albany Crossing plats (the “Albany Crossing TIF”) Pursuant to the NE MOU, the City and those developers (including their successors) made certain commitments to each other including, but not limited to, funding with the aforesaid TIFs the design and construction of an extension of N. Hamilton Road from Central College Road to a location near the intersection of Walnut Street and Harlem Road (the “Hamilton Road Extension”). Ordinance Nos. 2579-2019 and 1688-2021 previously authorized the TIF financed construction of the partial lengthening of the Hamilton Road Extension to a point about 2,950 feet north of Central College Road.
A 480-unit multi-family development consisting of an approximately $55 million second phase with approximately 290-multi-family units and associated parking and amenities (the “VC Acres Phase 2”) has been proposed on or adjacent to Franklin County Parcel ID No. 010-302731 between the existing terminus of the Hamilton Road Extension and Walnut Street by Hamilton Road Apartments II, LLC (the “Developer”), an affiliate of Vision Development, Inc. Pursuant to the NE MOU, the Developer has requested the Albany Crossing TIF fund the next 600-foot addition of the Hamilton Road Extension, which is necessary for the development of VC Acres Phase 2. This Ordinance will authorize a tax increment financing agreement (the “TIF Agreement”) between the City and the Developer to reimburse the Developer for the next phase of the Hamilton Road Extension. This Ordinance will also appropriate and...
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